Over more than two decades, both experts and the public have considered that profits earned by Chilean Pension Fund Administrators (AFP for its acronym in Spanish) are excessively high. However, there is little known about how much the industry should earn in equilibrium. In this paper, I show that the 25.4% return on equity (ROE) earned by the AFP industry over 2006-2015 was 4.8 times as high as the 5.3% that can be explained by its exposure to market risk. In monetary terms, out of the US$ 4.4 billion earned by the AFP industry over the last decade, nearly $ 3.5 billion can be considered as “excessive”.